NEWARK, Del, Oct. 29, 2023 (GLOBE NEWSWIRE) -- The global prosthetic heart valve market size is expected to increase significantly, reaching US$ 13,234.9 million by 2023. Sales of prosthetic heart valves are predicted to escalate at a robust CAGR of 7.5% between 2023 and 2033. A worth of US$ 27,277.6 million is expected for the prosthetic heart valve market by 2033.
Prosthetic heart valve sales to boost responses to rising valvular heart disease cases and augmented heart valve replacement surgeries conducted globally. The demand for prosthetic heart valves may expand faster due to the invention and growing acceptance of minimally invasive techniques like transcatheter aortic valve replacement (TAVR).
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Growth Opportunities in the Prosthetic Heart Valve Industry:
- The prevalence of heart valve illnesses is anticipated to increase as the world's population ages. The aortic valve replacement market is set to experience considerable opportunity for growth due to the demand for prosthetic heart valves to address these disorders.
- The infrastructure for healthcare is expanding, and access to cutting-edge therapies is becoming more widespread in developing nations. The opportunity for prosthetic heart valve producers to enter new markets is significant, given the evolving healthcare landscape.
- Integrating telemedicine and digital health solutions into the prosthetic heart valve industry can improve patient care, follow-up, and monitoring. Adopting prosthetic heart valves by businesses may give them a competitive edge.
Barriers to Market Expansion in the Prosthetic Heart Valve:
- Creating and receiving regulatory approval for prosthetic heart valves can take time and effort, impeding the release of innovative products.
- Rapid improvements in transcatheter procedures and minimally invasive surgical methods could pressure traditional surgical prosthetic heart valve market share.
- The price of prosthetic heart valves can prevent them from being affordable to a larger patient population, which may restrict their adoption. It may also limit the market expansion for prosthetic heart valves.
- The adoption of prosthetic heart valves can be hampered in areas with limited access to advanced medical facilities and specialist surgical knowledge.
Regional Outlook of Prosthetic Heart Valve Market:
Robust Growth in the Prosthetic Heart Valve Market Forced by High Prevalence of Cardiovascular Diseases
- North America is a sizable market, with the United States playing a vital role in the region's development.
- A rising elderly population, sophisticated healthcare infrastructure, and the prevalence of cardiovascular illnesses compel the aortic valve replacement market.
- Technological developments and high patient awareness advance the demand for prosthetic heart valves.
Established Healthcare Systems and Innovation Boost Prosthetic Heart Valve Market in Europe
- With nations like Germany, France, and the United Kingdom leading, Europe is another essential prosthetic heart valve market.
- Europe benefits from an advanced healthcare system, increased heart operations, and a growing elderly population.
- The adoption of advanced heart valve technologies and a focus on patient outcomes contribute to Europe's market expansion.
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Emerging Economies and Rising Awareness Escalate Prosthetic Heart Valve Market in Asia Pacific
- The demand for prosthetic heart valves is increasing in the Asia Pacific region due to changing food preferences, lifestyles, and the growth of the middle class.
- Rapid economic development in emerging nations like China and India has increased cardiac care and medical infrastructure spending.
- The Asia Pacific aortic valve replacement market is expanding due to increased awareness of heart disorders and an aging population
“Due to an aging population and an increase in cardiovascular disorders, the market is expanding significantly. Transcatheter and tissue-engineered valves are just two examples of technology changing our lives. Issues with costs, regulations, and rivalry among major firms complicate aortic valve replacement market expansion.” comments Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Prosthetic Heart Valve Market:
- The biological/tissue heart valves segment in the product type category to grab a share of 42.3% from 2023 to 2033.
- In the end-user category, the hospital segment will acquire a market share of 75.6% between 2023 and 2033.
- By 2023, the United States market is going to dominate 36% of the market share.
- By 2023, Germany's aortic valve replacement market is scheduled to have an 8.8% share.
- By 2023, Japan's market share for prosthetic heart valves is projected to reach 5.8%.
- Australia's market is set to expand at an 11.5% CAGR by 2023.
- China's market continues to expand at a CAGR of 12.5% through 2033.
- From 2023 to 2033, the India market is expected to strengthen at a CAGR of 12.2%.
- The market in the United Kingdom is likely to develop at a CAGR of 12.4% through 2033.
Competitive Landscape in the Prosthetic Heart Valve Market:
The prosthetic heart valve market has a fair amount of competition. The notable prosthetic heart valve manufacturers concentrate on promotional activities, product launches, acquisitions, collaborations, and expansions to improve their market presence, meet the customer base demand, expand their product portfolios, and increase production capacities.
Novel Developments in Prosthetic Heart Valve Market:
- Abbott received FDA approval in 2021 for its Epic Plus and Epic Plus Supra Stended Tissue Valves. The approval may assist with the treatment of mitral and aortic valve disorders.
- Medtronic plc and Spectrum Health signed a collaboration agreement in 2021 to offer value to healthcare and enhance results for Spectrum Health patients.
Top Key Prosthetic Heart Valve Manufacturers:
- Edward Lifesciences Corporation
- St. Jude Medical, Inc.
- Medtronic plc.
- Boston Scientific Corporation
- Abbott Laboratories
- SYMETIS
- LivaNova PLC
- CryoLife, Inc.
- Braile Biomedica
- Colibri Heart Valve LLC
- JenaValve Technology, Inc.
- Microinterventional Devices
- Autotissue Berlin Gmbh
- Meril Lifesciences
- Comed B.V.
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Key Segments from the Prosthetic Heart Valve Market:
By Product:
- Mechanical Heart Valves
- Mechanical Aortic Valve
- Mechanical Mitral Valve
- Biological/Tissue Heart Valves
- Tissue Aortic Valve
- Tissue Mitral Valve
- Transcatheter Heart Valves
- Transcatheter Aortic Valve
- Transcatheter Mitral Valve
By End User:
- Hospitals
- Ambulatory Services
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Have a Look at Related Reports Covered in Prosthetic Heart Valve Market:
- Total Artificial Heart Market was valued at around US$ 191.1Mn in 2021, registering Y-o-Y growth of 13.8%. Total artificial heart market sales are projected to increase at a healthy CAGR of 12.2% by 2032.
- Cardiovascular Prosthetic Devices Market has set a valuation of US$ 5.1 Bn in 2021 and further, is expected to expand at a CAGR of 8.1% to reach US$ 11.9 Bn by the year 2032.
- Orthopaedic Prosthetics Market is expected to surpass US$ 3.62 Billion by 2032. to grow at a 4.5% CAGR growth rate during the assessment period
- Dental Implants and Prosthetics Market sales were valued at around US$ 11.6 Billion at the end of 2021. The market is projected to register a 7.0% CAGR and top a valuation of US$ 23.7 Billion by 2032.
- The Orthopedic Prosthetic Devices Market is projected to register a CAGR of 4.7% during the forecast period, up from US$ 1.9 Billion in 2019 to reach a valuation of US$ 2.8 Billion by 2027.
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